Tuesday, November 14, 2017

Gunvor USA Secures USD 875 Million Borrowing Base Facility

Gunvor
USA LLC, a subsidiary of Gunvor Group, has successfully closed the
syndication of its USD 875 million Borrowing Base Credit Facility.

The facility will support the company’s established
operations in the United States, as well as planned expansion into
Canada. Gunvor USA LLC has two main offices, located in Houston (TX) and
Stamford (CT), which are focused on trading refined products, crude oil
and natural gas.

“Our expanded facility enables Gunvor USA to build on our trading activities across the commodities space in North America,” said Chris Morran, Treasurer of Gunvor USA. “The
oversubscription of the transaction and 75% increase in the facility
amount demonstrate the level of confidence our banking partners have
with our North American strategy.”

The new facility is jointly lead arranged by Rabobank,
which will also serve as Administrative Agent and Active Bookrunner,
and ABN Amro Capital USA LLC as Joint Bookrunner. ING Capital, LLC,
Natixis, New York Branch, and Société Générale join as Joint Lead
Arranger in the transaction.

The syndicate also includes Credit Agricole Corporate and Investment
Bank, Deutsche Bank AG, New York Branch, Mizuho Ltd. and Sumitomo Mitsui
Banking Corporation.

“Gunvor USA has grown rapidly since its launch in 2016, and has significantly expanded its bank group as part of the refinancing,” said David Garza, President of Gunvor USA and Managing Director for its North American operations. “In
the last year, Gunvor USA has hired more than 60 people for its North
American operations, and opened trading offices in Houston and Stamford,
and now a rep office in Calgary. We’ve been able to grow at an
accelerated pace with the support of our banking partners.”

Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group
Ltd., one of the largest independent energy commodity traders in the
world.